$100 million! Investment in European renewable energy projects

    On the 27th, at the United Nations COP27 meeting, the European Investment Bank (EIB) and the global investment arm of Allianz Group, AllianzGI ("Allianz Invest") jointly announced that they would raise US$100 million to Alcazar Energy Partners II, which aims to promote the Middle East, Development, construction and operation of renewable Solar Panel Systems For Sale energy projects in North Africa, Eastern Europe and Central Asia.

    The European Investment Bank and Allianz Investing, which partnered at last year's COP26 in Glasgow, established the Emerging Markets Climate Action Fund (EMCAF), a hybrid financial instrument designed to mobilize private investment in developing economies. The Emerging Markets Climate Action Fund will contribute US$25 million to Alcazar and EIB Global, the non-EU funding arm of the European Investment Bank, will contribute US$75 million, which will invest in solar PV and wind, with an expected total installed capacity of 2GW.